Related News
China central bank says no basis for yuan's continued depreciation
Online Edition
China's central bank on Tuesday dismissed concerns over yuan depreciation after the currency's entry to the IMF's Special Drawing Rights (SDR) basket.
"There is no basis for continued yuan depreciation, and China is capable of keeping the currency basically stable at a reasonable level," central bank vice governor Yi Gang told a press conference, citing high-medium growth and foreign exchange reserves as major factors underpinning the currency.
"In case of drastic fluctuation or abnormality in nternational balance of payments and cross-border capital flow, the central bank will not hesitate to intervene," Yi added.
The International Monetary Fund will include the Chinese currency to its SDR basket from Oct. 1, 2016 with a weighting of 10.92 percent, as the currency has "met all existing criteria." The weighting of the other currencies in the basket is 41.73 percent for the US dollar, 30.93 percent for the euro, 8.33 percent for the Japanese yen and 8.09 percent for the British pound.
Following the announcement, the central parity rate of the yuan weakened by 11 basis points to 6.3973 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
